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The latest update of the $XRP rich list shows that while the amount of $XRP tokens necessary to reach the top 10% and top 1% has reduced, the capital for acquiring these tokens has increased.
Notably, this is largely due to $XRP’s impressive surge in recent times, as it rallied with the broader crypto market to reach new yearly highs. For context, $XRP soared rapidly to a peak of $3.66 in late July before pulling back as July came to a close. Despite the pullback, $XRP still holds above $3, up 32% in the past month.
Amid the recent price movements, data from the community-driven $XRP rich list resource shows that the amount of $XRP tokens you need to hold as an individual to become part of the top 10% and the top 1% has dropped considerably.
At the time, the 2,486 $XRP were worth $5,643. Today, while they need 2,433 $XRP to hit the top 10%, the tokens are worth $7,299. This represents an increase of nearly $2,000 to enter the top 10 in less than a month despite the number of tokens seeing a drop.
This trend also prevailed across other tiers of addresses within the $XRP rich list. For instance, on July 7, one needed to hold 8,758 $XRP worth $19,880 to be part of the top 5%. Today, the investor would have to possess 8,517 $XRP, currently worth $25,551, to enter this tier, an increase of over $5,000.
Interestingly, one of the most drastic changes occurred with the top 1% tier. At the time of the previous $XRP rich list report, investors looking to enter this tier required 50,637 $XRP valued at around $115,000 then. Now, while investors would need to hold 50,108, they would have to spend $150,000, an increase of more than $35,000.
Market Still Early?
Analysts argue that this consistent change indicates that investors who continue to put off investing in $XRP would only be able to afford less for more as the market matures. Market pundit Edoardo Farina called attention to this trend in June, when he suggested that $XRP was pricing out retail investors.
Moreover, several community commentators have insisted that investors who enter the market today are still incredibly early. This is because they expect $XRP to surge beyond current levels. For context, if $XRP hits the $30 price projected by EGRAG, the 2,433 tokens needed to enter the top 10% would be worth nearly $73,000.